United Maritime Announces Sale of its Oldest Capesize and Extension of Share Repurchase Plan
United Maritime (NASDAQ: USEA) has announced three significant developments: First, the sale of its oldest Capesize vessel, M/V Gloriuship, for approximately $15.0 million, with delivery expected by mid-July 2025. The sale will enhance the Company's cash reserves by about $7.0 million after debt repayment.
Second, the Company has extended its existing $3.0 million share repurchase program through December 31, 2025, with approximately $1.9 million still available for repurchases. To date, about $1.1 million in buybacks have been completed.
Third, United Maritime has expanded its AI technology implementation by integrating the M/V Synthesea into the DeepSea Technologies Platform, which provides AI-driven solutions for real-time monitoring and optimization of energy consumption, fuel usage, and performance.
United Maritime (NASDAQ: USEA) ha annunciato tre sviluppi significativi: In primo luogo, la vendita della sua nave Capesize più antica, la M/V Gloriuship, per circa 15,0 milioni di dollari, con consegna prevista entro metà luglio 2025. La vendita aumenterà le riserve di liquidità della Società di circa 7,0 milioni di dollari dopo il rimborso del debito.
In secondo luogo, la Società ha prorogato il suo attuale programma di riacquisto di azioni da 3,0 milioni di dollari fino al 31 dicembre 2025, con circa 1,9 milioni di dollari ancora disponibili per i riacquisti. Fino ad oggi, sono stati completati circa 1,1 milioni di dollari in riacquisti.
Infine, United Maritime ha ampliato l'implementazione della sua tecnologia AI integrando la M/V Synthesea nella Piattaforma DeepSea Technologies, che fornisce soluzioni basate sull'AI per il monitoraggio in tempo reale e l'ottimizzazione del consumo energetico, dell'uso di carburante e delle prestazioni.
United Maritime (NASDAQ: USEA) ha anunciado tres desarrollos significativos: Primero, la venta de su buque Capesize más antiguo, el M/V Gloriuship, por aproximadamente 15,0 millones de dólares, con entrega esperada para mediados de julio de 2025. La venta aumentará las reservas de efectivo de la Compañía en aproximadamente 7,0 millones de dólares después del pago de deudas.
En segundo lugar, la Compañía ha ampliado su actual programa de recompra de acciones de 3,0 millones de dólares hasta el 31 de diciembre de 2025, con aproximadamente 1,9 millones de dólares aún disponibles para recompras. Hasta la fecha, se han completado aproximadamente 1,1 millones de dólares en recompras.
Por último, United Maritime ha expandido la implementación de su tecnología de IA al integrar el M/V Synthesea en la Plataforma DeepSea Technologies, que proporciona soluciones impulsadas por IA para el monitoreo en tiempo real y la optimización del consumo de energía, uso de combustible y rendimiento.
United Maritime (NASDAQ: USEA)는 세 가지 중대한 개발 사항을 발표했습니다: 첫째, 그들의 가장 오래된 켑사이즈 선박인 M/V Gloriuship을 약 1,500만 달러에 판매하며, 인도는 2025년 7월 중순으로 예상됩니다. 이번 판매는 부채 상환 후 회사의 현금 보유를 약 700만 달러 증대시킬 것입니다.
둘째, 회사는 기존의 300만 달러 규모의 자사주 매입 프로그램을 2025년 12월 31일까지 연장했으며, 현재 약 190만 달러가 매입에 할당되어 있습니다. 현재까지 약 110만 달러의 자사주 매입이 완료되었습니다.
셋째, United Maritime은 M/V Synthesea를 DeepSea Technologies 플랫폼에 통합하여 AI 기술 구현을 확대했습니다. 이 플랫폼은 에너지 소비, 연료 사용 및 성능의 실시간 모니터링 및 최적화를 위한 AI 기반 솔루션을 제공합니다.
United Maritime (NASDAQ: USEA) a annoncé trois développements majeurs : Premièrement, la vente de son plus ancien navire Capesize, le M/V Gloriuship, pour environ 15,0 millions de dollars, avec une livraison prévue d'ici mi-juillet 2025. La vente améliorera les réserves de liquidités de la Société d'environ 7,0 millions de dollars après le remboursement de la dette.
Deuxièmement, la Société a prolongé son programme de rachat d'actions de 3,0 millions de dollars jusqu'au 31 décembre 2025, avec environ 1,9 million de dollars encore disponibles pour les rachats. À ce jour, environ 1,1 million de dollars de rachats ont été réalisés.
Enfin, United Maritime a élargi l'implémentation de sa technologie AI en intégrant le M/V Synthesea dans la plateforme DeepSea Technologies, qui fournit des solutions basées sur l'IA pour la surveillance en temps réel et l'optimisation de la consommation d'énergie, de l'utilisation de carburant et des performances.
United Maritime (NASDAQ: USEA) hat drei bedeutende Entwicklungen angekündigt: Erstens, den Verkauf seines ältesten Capesize-Schiffs, M/V Gloriuship, für etwa 15,0 Millionen Dollar, mit einer Lieferung, die bis Mitte Juli 2025 erwartet wird. Der Verkauf wird die Bargeldreserven des Unternehmens nach Rückzahlung der Schulden um etwa 7,0 Millionen Dollar erhöhen.
Zweitens hat das Unternehmen sein bestehendes Aktienrückkaufprogramm in Höhe von 3,0 Millionen Dollar bis zum 31. Dezember 2025 verlängert, wobei etwa 1,9 Millionen Dollar noch für Rückkäufe zur Verfügung stehen. Bis heute wurden rund 1,1 Millionen Dollar an Rückkäufen abgeschlossen.
Drittens hat United Maritime die Umsetzung seiner KI-Technologie erweitert, indem es das M/V Synthesea in die DeepSea Technologies-Plattform integriert hat, die KI-gestützte Lösungen für die Echtzeitüberwachung und Optimierung des Energieverbrauchs, der Kraftstoffnutzung und der Leistung bietet.
- Sale of M/V Gloriuship will generate $15.0 million in proceeds
- Cash reserves to increase by $7.0 million after debt repayment
- Extension of $3.0 million share repurchase program through December 2025
- Implementation of AI technology for fleet optimization
- Reduction in fleet size with vessel sale
Insights
The strategic decision to sell the M/V Gloriuship represents a well-calculated move in the current market environment. The
The extension of the share repurchase program is particularly noteworthy given United's micro-cap status. With
The integration of AI technology through DeepSea Technologies is a forward-looking initiative that could yield substantial operational benefits. In an industry where fuel costs typically represent
United Maritime also expands relationship with DeepSea AI Platform
GLYFADA, Greece, Jan. 28, 2025 (GLOBE NEWSWIRE) -- United Maritime Corporation (the “Company” or “United”) (NASDAQ: USEA), announced today it has entered into a definitive agreement with an unaffiliated third party for the sale of its oldest Capesize vessel. Moreover, United announced the successful integration of M/V Synthesea into the DeepSea Technologies Platform, further enhancing its fleet’s use of AI technology.
The Company’s Board of Directors has also authorised the extension of its existing
Sale of M/V Gloriuship
The Company has entered into a definitive agreement with an unaffiliated third party for the sale of its 171,314 dwt Capesize vessel, M/V Gloriuship, built in 2004. The vessel is expected to be delivered to its new owners by mid-July 2025. The aggregate net sale price is approximately
Extension of the Existing Share Repurchase Program
The program, previously set to expire on December 31, 2024, has been extended for a further 12-month period. Under the program, the Company may repurchase up to
Integration of M/V Synthesea into the DeepSea AI Platform
The integration of M/V Synthesea into our partnership with DeepSea equips the vessel with AI-driven solutions for real-time monitoring and optimization of energy consumption, fuel usage, and performance.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“We are pleased to announce the well-timed sale of our oldest Capesize bulker, the 21-year-old Gloriuship, at a sizeable premium over her scrap value, taking advantage of the favourable valuation environment in this sector. The net sale proceeds after the repayment of the existing indebtedness will enhance the Company’s cash reserves by approximately
“Regarding our existing share repurchase plan, we have completed approximately
About United Maritime Corporation
United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services. The Company operates a fleet of eight dry bulk vessels, comprising three Capesize, two Kamsarmax and three Panamax vessels, with an aggregate cargo carrying capacity of 922,072 dwt. Upon completion of the aforementioned transaction, the Company’s operating fleet will consist of seven vessels (2 Capesize, 2 Kamsarmax and 3 Panamax), with an aggregate cargo carrying capacity of 750,758 dwt.
The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Glyfada, Greece.
The Company's common shares trade on the Nasdaq Capital Market under the symbol “USEA”.
Please visit the Company’s website at: www.unitedmaritime.gr.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including with respect to the share repurchases, market trends and shareholder returns. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between Israel and Hamas or Iran and between Russia and Ukraine; risks associated with the length and severity of pandemics (including COVID-19), including their effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information please contact:
United Investor Relations
Tel: +30 213 0181 522
E-mail: ir@usea.gr
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
New York, NY 10169
Tel: (212) 661-7566
E-mail: usea@capitallink.com
FAQ
How much will United Maritime (USEA) receive from the sale of M/V Gloriuship?
When will USEA deliver the M/V Gloriuship to its new owners?
How much remains available in USEA's share repurchase program?
When does United Maritime's extended share repurchase program expire?
What is the purpose of USEA's DeepSea AI Platform integration?
